European Union (Referendum) Bill

Debate between Lord Popat and Lord Richard

Friday 24th January 2014 Lords Chamber

[Lord Popat (Con)]

My Lords, the Chief Whip explained this last Friday. Although the Companion says that the House should rise at 3 pm, precedent has been set in the past that on a Private Member’s Bill the House has continued until 5 pm to 5.30 pm, so we propose that the House will continue till about 5.30 pm.

[Lord Richard]

My Lords, I am sorry to pursue this point but I was slightly involved in it last week. May I take it that the view now from the business managers on the other side of the House is that proceedings on this Bill will be adjourned in about an hour? Is that right?

[Lord Richard]

That is what he said?

[Lord Popat]

Yes, my Lords.

[Lord Richard]

Thank you.

Payday Loans

Debate between Lord Popat and Lord Richard

Tuesday 12th March 2013 Lords Chamber

[Lord Popat]

I thank the noble Lord for that question. Yes, we are expanding credit unions, which offer affordable credit and real help for people who might otherwise borrow money from high-cost lenders such as the payday lenders. The British Bankers’ Association is also looking into this to see what bankers can do to help people with a short-term overdraft or a temporary loan when they are in a difficult situation.

[Lord Richard]

My Lords, many years ago, when I was a young law student, I learnt about the moneylenders Acts, which, as far as I can remember, meant that if you charged an excessive amount of interest you could not recover your money. Does that still apply and, if so, is the way to deal with these payday loans and the excessive interest charged on them to have one or two good civil cases in which the borrower refuses to pay and is taken to court, with the judge then declaring recovery illegal under moneylenders Acts?

[Lord Popat]

My Lords, the consumers—borrowers from payday lenders—are of many different types. A large number of them borrow money from payday lenders as a short-term loan or in an emergency. Some use the payday lending system rather than a credit card; quite often a credit card is very expensive, and they have more control over borrowing from payday lenders than they would have over credit cards. Quite often there are customers who borrow money from payday lenders because the banks, for reasons of liquidity, are often not very keen to give short-term overdrafts.